The total physical product of an input is the same thing as its
A)total revenue product.
B)marginal physical product times output.
C)output.
D)total consumer's surplus.

Question

Quizplus · Accepted Answer

The total physical product (TPP) is the amount of output that is produced from a given amount of input. It is simply the output. Total revenue product is the product of output and price, which is different from TPP. Marginal physical product (MPP) is the additional output that is produced when one more unit of input is added, so multiplying MPP by output would not give TPP. Total consumer's surplus is the difference between the total value a consumer places on a good and the amount that he or she actually pays for it, so it is not related to TPP.

The Total Physical Product of an Input Is the Same